Top 3 Events That Will Impact Midterm Bull Rally
The cryptocurrency market witnessed a significant rally this week, with the total market cap hovering around $3.23 trillion. The fear of a potential bear market that loomed over the industry in the fourth quarter has subsided, as indicated by CoinMarketCap’s Fear and Greed Index sitting at a neutral position of 50/100.
Top 3 Crypto Events This Week To Consider
Bitcoin Bullish Breakout
Bitcoin’s price displayed a bullish trend this week, reaching a 2-month high of around $97.7k before retracing to $95.4k at the time of writing. The BTC/USD pair is on the verge of breaking out of a falling logarithmic trend, signaling a potential parabolic growth in the near future. Moreover, Bitcoin managed to surpass a crucial supply level around $94.4k.
Ethereum and Major Altcoins Signal Bullish Outlook
The altcoin market, led by Ethereum (ETH), exhibited bullish momentum this week. Market data analysis from Santiment revealed a positive outlook for the wider crypto market, driven by an increase in Open Interest.
The altcoin industry maintained a bullish sentiment as industry experts like Mike Novogratz anticipated the passage of the Clarity Act in the upcoming weeks.
Institutional Investors Returns Amid the Delayed Senate Markup for the Clarity Act
Institutional investors showed a heightened interest in crypto assets this week amidst a heated regulatory debate in the US Senate. The spot Bitcoin exchange-traded funds (ETFs) in the US, including BlackRock’s IBIT and Fidelity’s FBTC, recorded over $2 billion in net cash inflows.
Another notable development was Strategy’s purchase of 13,627 BTCs for more than $1.2 billion, increasing their total holdings to 687,410 coins. This surge in institutional demand coincided with a Senate debate on crypto legislation, where Coinbase CEO Brian Armstrong withdrew support for the Clarity Act due to pressure from the traditional banking sector.
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